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14 July, 2024
 
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April records a decrease in loan volumes

Central Bank of Cyprus releases statistical insights on interest rates and loan activity for April 2023

Newsroom / CNA

The Central Bank of Cyprus announced in a press release on Tuesday that total new loans decreased to €473.9 million in April 2023, compared to €922.5 million in the previous month.

The release by the CBC includes statistical data on interest rates applied by monetary financial institutions in Cyprus for deposits and loans of euro-area residents, as well as information on the volumes of new euro-denominated loans to euro-area residents for April 2023. These statistics are featured in the May 2023 edition of Monetary and Financial Statistics.

Regarding deposit rates, it is stated that the interest rate on deposits from households with a maturity of up to one year decreased to 0.41%, down from 0.47% in the previous month. Additionally, the corresponding interest rate on deposits from non-financial corporations declined to 0.73%, compared to 1.12% in the previous month.

In terms of lending rates, the interest rate on consumer credit decreased to 4.85% from 5.05% in the previous month, while the interest rate on loans for house purchases decreased to 4.45% from 4.67% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to €1 million decreased to 5.31%, down from 5.60% in the previous month, while the interest rate on loans to non-financial corporations for amounts over €1 million increased to 5.41%, compared to 5.29% in the previous month.

The total volume of new loans experienced a decline to €473.9 million in April 2023, compared to €922.5 million in the previous month. Specifically, new loans for consumption decreased to €18 million, down from €30.7 million in the previous month, and new loans for house purchase recorded a decrease to €115.4 million, compared to €199.5 million in the previous month.

The CBC highlights that new loans to non-financial corporations for amounts up to €1 million decreased to €60.1 million, down from €109 million in the previous month, while new loans to non-financial corporations for amounts over €1 million registered a decrease to €269.3 million, compared to €571.2 million in the previous month.

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Cyprus  |  economy  |  banks

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